Norway’s Statoil has singled out four business critical technologies as key to achieving the company’s growth ambitions. Statoil is boosting its R&D investments by 27% and starting to plan Norway’s biggest centre for IOR technology. In the period up to 2020 Statoil will maintain a high level of production on the Norwegian continental shelf while [...]
Lundin Petroleum AB announced that as at 31 December 2011 its net proven and probable working interest reserves are 210.7 million barrels of oil equivalent (MMboe) which equates to a 21 percent increase to reserves and a reserve replacement ratio of 264 percent, when compared to 31 December 2010. The reserves were calculated using an [...]
IOOC (Iran Offshore Oil Company) plans to increase production at the Forouzan oil field by the end of the next calendar year , which is shared by 40 pct, with Saudi Arabia, managing director stated. “Some 100 kilometers seabed pipeline has been laid and related platform will be installed in the middle of the [...]
Apache Corporation reported production of 752,000 barrels of oil equivalent (boe) per day and earnings of $983 million, or $2.50 per diluted share, for the three-month period ending Sept. 30, 2011. These compare with production of 667,000 boe per day and net income of $765 million, or $2.12 per diluted share, for the same period [...]
Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB announce an updated estimate of the recoverable Contingent Resources from the Avaldsnes discovery in licence PL501, located in the Norwegian North Sea on the Norwegian Continental Shelf (NSC). Lundin Petroleum is the operator of PL501. The Avaldsnes discovery is estimated to contain gross Contingent [...]
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Asia Offshore Drilling Limited (the “Company”) has decided to increase the water depth capacity from 350 feet to 400 feet for its three jack-up rigs under construction. This investment will increase the marketability of the rigs, allowing them to successfully operate in more offshore areas. The additional capital expenditure to extend the legs is estimated [...]
The partners in the Åsgard licences have today submitted a plan for development and operation (PDO) of subsea gas compression to maintain production from the Mikkel and Midgard reservoirs. Øystein Michelsen, Statoil’s executive vice president for Development and Production Norway (DPN), presented the PDO to Ola Borten Moe, Norway’s minister for petroleum and energy. “The [...]
Sembcorp Marine’s wholly owned subsidiary Sembawang Shipyard has exercised its option to increase its shareholding in Sembmarine Kakinada Ltd (SKL), a joint venture between Sembawang Shipyard and Kakinada Seaports Limited, from 19.9% to 40% of the joint venture’s initial investment of US$50 million, making it the largest single shareholder of the joint venture facility. The [...]
Iran will have the potential to export up to 250 million cubic meters of gas in next two to three years, managing director of the National Iranian Gas Company (NIGC), Javad Owji announced here. According to the report of the public relations of the NIGC, he said that Iran with 33 trillion cubic meters of [...]
Oil & Gas UK, the leading representative organisation for the UK offshore oil and gas industry, responds to reported drop in UK Exploration. Mike Tholen, Oil & Gas UK’s economics director, said: “The drop in UK exploration and appraisal activity compared to other sectors of the North Sea since the Budget is a worrying reflection [...]
